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Khordehfrosh Dilmaghani, Amir, Tehranchian, Amir Mansour. (1394). The Impact of Monetary Policies on the Exchange Rate: A GMM Approach. , 19(2), 177-191. doi: 10.22059/ier.2015.56078
Amir Khordehfrosh Dilmaghani; Amir Mansour Tehranchian. "The Impact of Monetary Policies on the Exchange Rate: A GMM Approach". , 19, 2, 1394, 177-191. doi: 10.22059/ier.2015.56078
Khordehfrosh Dilmaghani, Amir, Tehranchian, Amir Mansour. (1394). 'The Impact of Monetary Policies on the Exchange Rate: A GMM Approach', , 19(2), pp. 177-191. doi: 10.22059/ier.2015.56078
Khordehfrosh Dilmaghani, Amir, Tehranchian, Amir Mansour. The Impact of Monetary Policies on the Exchange Rate: A GMM Approach. , 1394; 19(2): 177-191. doi: 10.22059/ier.2015.56078

The Impact of Monetary Policies on the Exchange Rate: A GMM Approach

Iranian Economic Review
مقاله 5، دوره 19، شماره 2، تیر 2015، صفحه 177-191    اصل مقاله (552.22 K)
نوع مقاله: Research Paper
شناسه دیجیتال (DOI): 10.22059/ier.2015.56078
نویسندگان
Amir Khordehfrosh Dilmaghani1؛ Amir Mansour Tehranchian* 2
1M.A in Economics, University of Mazandaran, Iran
2Associate Professor, Economics Department, University of Mazandaran, Iran
چکیده
T
his paper investigates the impact of monetary policies on the exchange rate of selected developing countries during the period 2001-2010. For this purpose, in addition to the theoretical explanation, dynamic panel data based on the generalized method of moments (GMM) have been used to estimate the model. Our findings indicate that the lag of exchange rate variable has a positive and significant effect on the exchange rate. This result reflects the dynamics of the exchange rate over time. Additionally, this paper indicates that the coefficient of liquidity as an indicator of monetary policy is positive and significant. Moreover, GDP, inflation, and exports of goods and services have negative, positive, and negative effects on the exchange rate, respectively, and all are statistically significant. Paying more attention to the exchange rate and the optimal control of liquidity in the economy is suggested as a policy recommendation in this research.
کلیدواژه‌ها
Developing Countries؛ Exchange rate؛ generalized method of moments (GMM)؛ monetary policies
مراجع
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